Ethereum based meme coin Shiba Inu, recorded a tremendous increase in the burn rate. Therefore, it has once again attracted the attention of crypto enthusiasts around the world. According to data announced by Shibburn, a staggering 4205% increase in the SHIB burn rate revived positive market sentiment for the token on February 22.
Approximately 86 million SHIBs have been destroyed in the last 24 hours. This shows that the community remains committed to strengthening the token’s economy. Continuous burning of SHIB, meme coinIt aims to reduce the circulating supply of and thus support the price of the token.
However, currently at the time of writing, the Shiba Inu token is trading in the red. In addition, it seems to be going in the opposite direction to the increase in the burn rate. Additionally, Shibarium’s daily transactions have also seen a decline compared to the community’s recent progress.
Massive Burn from Shiba Inu
According to data released by Shibburn, the 4205.80% increase in the Shiba Inu cremation rate occurred after 86.11 million SHIBs were cremated. It is stated that 85.01 million coins transferred to a dead wallet by an unknown wallet 0x60912… played an important role in this burning process.
It is noteworthy that the current circulating supply is 581.44 trillion SHIB. An impressive amount of 410.708 trillion SHIB has been destroyed to date. Additionally, the transaction mentioned above also contributed to this increase.
However, interestingly, even with constant grooming of the SHIB, the market performance of the Shiba Inu crypto- The market does not seem to meet the expectations of enthusiasts. The Shib community has made significant improvements to the meme coin’s ecosystem this month. However, no significant impact on prices is observed. Following the declining bullish pattern of the SHIB week, meme coin is currently trading in the red. Therefore, approaching the psychological level of $0.00001 increases speculation.
Meanwhile, daily transactions on Shibarium have fallen below $3 million. At the time of writing, it fell to $2.55 million. This situation, ShibariumHe further highlighted that despite a number of new features being introduced to the network, activity on the network has decreased.
It is obvious that developments in the Shibarium orbit are progressing rapidly. In addition, the launch of SHEboshi has received significant attention recently. Using the ERC-404 token standard, SHEboshi aims to revolutionize the Shiba Inu ecosystem by making it easier to burn SHIB, BONE and LEASH.
However, the Shiba Inu showed a downward trend today. Therefore, it complicated conclusions about future price movements.
